When the Auditors flagged the going concern material uncertainty in late August, it was expected that the KSF1 satellites would become operational the next month in Q3-22
It is nearly Q1-23 and KSF1 presumably have some more issues in my opinion given they’re still not in formation. They’ve been in orbit for about 18 months now.
The share price has been falling and they haven’t told the market that KSF1 didn’t move into formation like they expected so maybe they will also have another ASX Query to deal with after the next quarterly.
They urgently need a capital raise in my opinion and that might be particularly difficult given the current market and the fact that they’re approaching 5 years on the ASX without any revenue generating satellites in operation and with the last raise being a loan.
Having said that, they do seem to be able to find capital - but at what price?
